Oil and Natural Gas Corporation Ltd will submit a proposal to the Union government for acquiring Hindustan Petroleum Corporation Ltd's entire 16.97 per cent stake in Mangalore Refinery & Petrochemicals Ltd at Rs 37.75 per share even though HPCL is not keen to divest its holding.

The price is based on the pricing mechanism decided at the September 18 meeting of the ministry of petroleum and natural gas, ONGC informed the Bombay Stock Exchange on Thursday.

The ONGC board has also decided that as of now MRPL would continue to remain a subsidiary with management control of ONGC, it added.